1. Field of the Invention
The present invention relates to a check negotiation system using a check card which is provided with a magnetic striped, particularly to a confirming method of a check card which enables the drawer to automatically collates the subject transaction when the settled check is returned to the drawer, and a check card drawing apparatus.
2. Description of the Prior Art
In conventional commercial transactions, settlement is by cash, and by checks drawn on a current account in a bank, etc. Users of such checking system enjoy its advantages. From the standpoint of banks, however, such system involves a vast amount of complicated clerical procedures, and a number of negotiation checks pose a bottleneck in rationalizing the banking business.
We will now briefly refer to the procedure for handling checks at a bank, etc. A user such as a firm or an entreprenuer opens a current account with a bank based on which the bank issues a check book containing a number of checks printed with the user's account number (including the bank and branch codes) by means of, for example, magnetic ink character recognition (MICR). The user draws a check by writing a sum of money by hand or by a check-writer. The recipient then sumbits the check to a clerk at his/her bank to be deposited in his account. The bank first records all such checks on a microfilm and then print thereon the respective amount using a MICR encoder. The checks then are sorted out into their own checks and other bank checks. Those checks issued by other banks are stamped for clearing and are brought to a regional clearing house to which the bank (or branch) belongs. Checks from different banks collected at the clearing house are sorted out according to banks by means of an MICR reader/sorter, and a balance sheet of different banks is also made. Each bank takes back its checks and confirms the balance of the drawer's account. This is done within a predetermined period of time (i.e., one day after clearing). For the cases with insufficient fund in the account during this period, the bank which received such checks is notified of the conditions so that the amount thereof is credited to the bearer's account. Upon expiration of such period, the drawn amount is automatically credited to the bearer's account in other cases and the bank concerned settles payment according to the balance sheet mentioned above. As for the own checks issued by themselves, the fund of the drawer's account is confirmed by means of an on-line system and if sufficient, the check is honored and credited to the bearer's account.
In the United States, a bank sorts out their own checks, classifies them by the account numbers and sends them to the drawers (ex. collectively once a month). The drawer who receives there settled checks collates them with the note he made when drawing these checks and confirms if the settlement by check has been correctly made.
The prior check negotiation system as mentioned above involves complicated and multiple procedure of both manual and mechanical steps. There is also a risk of illicit use if the check book mentioned above is lost or stolen and the loss or theft thereof is not reported to the bank, etc. immediately. Thus the applicant of the present invention disclosed in Japanese Patant Application No. 237275/1983 a check negotiation system which enables checks to be cashed with a minimum manual handling once the check has been received by a financial institution such as a bank, and a check card and an apparataus for drawing check to prevent illicit use of such a card when lost or stolen. Such a check card drawing apparatus, however, still requires complicated manual handling in collating the settled check cards with the drawing record of these check cards when they are returned to the drawer.